CHM Blog

Markets continue to trade in narrow ranges across the curve with no changes over the last few weeks. No matter the news the 10 year and MBSs haven’t seen much direction. This morning the news is thin, Jamie Dimon commenting in his annual letter to shareholders that the Silicon Valley Bank’s blunders were encouraged by US regulation, went untested by the Federal Reserve and were “hiding in plain sight” until Wall Street and depositors grew alarmed.

There isn’t much economic news today, what there is does get some interest although not enough to move prices or rates. Tomorrow ADP reports its private job data and Friday the March employment data.

At 9:30 am the DJIA opened -22, NASDAQ +15, S&P +4. 10 year at 9:30 am 3.48% +6 bps. FNMA 5.5 30 year coupon at 9:30 am -27 bps and +4 bps from 9:30 am yesterday; the 6.0 coupon -27 bps and -2 bps from 9:30 am yesterday.

At 10 am Feb JOLTS job openings dropped to 9.3 mil, a strong decline that suggests the labor market is tightening. The estimate 10.4 mil, Jan revised from 10.824 mil to 10.563 mil. The reaction sent the 10 from 3.58% to 3.40%.

Also at 10 am, Feb factory orders, declined 0.7% against estimates of -0.6%. Jan revised to -2.1% from -1.6%.

PRICES @ 10:00 AM

10 year note: 3.41% -1 bp

5 year note: 3.46% -4 bp

2 year note: 3.89% -8 bp

30 year bond: 3.62% -1 bp

Libor Rates: 1 month 4.857%; 3 month 5.223%; 6 month 5.320%; 1 year 5.331% (4/3/23)

30 year FNMA 6.0: @9:30 am 101.92 -27 bp (-2 bp from 9:30 am yesterday)

30 year FNMA 5.5: @9:30 am 100.88 -27 bp (+4 bp from 9:30 am yesterday)

30 year GNMA 5.5: @9:30 am 101.00 -20 bp (+6 bp from 9:30 am yesterday)

Dollar/Yuan: $6.8847 +$0.0065

Dollar/Yen: 132.53 +0.11 yen

Dollar/Euro: $1.0906 +$0.0002

Dollar Index: 102.03 -0.07

Gold: $2006.50 +$6.10

Bitcoin: 28,197 +642

Crude Oil: $81.29 +$0.87

DJIA: 33,573 -27

NASDAQ: 12,210 +21

S&P 500: 4129 +4

Richard Sardella has been actively managing and providing services in the mortgage industry for over 30 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.